(MENAFN) US aluminum giant Alcoa said that it is weighting more cutbacks in its smelting and refining operations worldwide in the face of weak prices, AFP reported.
Alcoa said it would review over the next year 500,000 tons of smelting capacity in addition to 2.8 million tons of refining capacity "for possible curtailment or divestiture."
That could turn into a 14 percent cut in the company's global smelting capacity and 16 percent of its refining capacity. The company did not indicate the locations of plants that face possible shutdown.
"Alcoa continues to take decisive action, transforming its upstream portfolio to create a lower cost, globally competitive commodity business," president of Alcoa's Global said.
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